Listing ID22218653
Price$49,000,000
StatusActive
SqFt
194,800
CountyPolk
SubdivisionRiverbend Apartments
Year Built2022
Property TypeMulti Family
Opportunity to purchase a 201-unit apartment complex currently under construction, ETA for completion July 2024. Located in the expanding community of West Salem, this project is in the horizontal phase & will be a 3-story multiplex complete w/ fitness center, resident pool & clubhouse, walking trail/green space & on-site management office. Development is located off Wallace Rd, adjacent to neighboring retail development which includes a small shopping center, food truck, and pavilion.
County
Polk
Price Before Reduction
54000000
Price Reduction Date
2023-02-10T23:54:37+00:00
Property Type
Multi Family
Subdivision
Riverbend Apartments
Year Built
2022
Zoning
Multi
Basement
None
Cooling
no
Cooling Type
Other
Heating
yes
Heating Type
Mini Split
Hot Water Description
Electricity
Stories
3
Unit Type
1, 2, 3, 4
Unit Type 1 Area
800
Unit Type 1 Baths Total
2
Unit Type 1 Beds Total
1
Unit Type 1 Features
Dishwasher, Microwave, Range, Refrigerator
Unit Type 2 Area
950
Unit Type 2 Baths Total
2
Unit Type 2 Beds Total
2
Unit Type 2 Features
Dishwasher, Microwave, Range, Refrigerator
Unit Type 3 Area
1250
Unit Type 3 Baths Total
3
Unit Type 3 Beds Total
3
Unit Type 3 Features
Dishwasher, Microwave, Range, Refrigerator
Unit Type 4 Area
2500
Attached Garage
no
Exterior Description
Cement Siding
Foundation Details
Slab
Fuel Description
Electricity
Lot Size Range
7 to 9.99 Acres
Number Of Units Total
202
Parking Features
Assigned
Property Attached
no
Property Condition
New Construction
Road Surface Type
Paved
Roof
Composition
Sewer
Public Sewer
Unit Type 1 Units Total
15
Unit Type 2 Units Total
174
Unit Type 3 Units Total
12
Unit Type 4 Units Total
1
View
no
Water Source
Public Water
Community Features
Recreation Facilities
Country
US
Directions
River Bend
Elementary School
Harritt
High School
West Salem
Middle Or Junior School
Walker
MLS Area Major
Polk Co: West Salem N
Green Certification
no
Third Party Approval
no
Bank Owned
no
Capitalization Rate
6.65
Current Price For Status
49000000
Disclosures
Disclosure
Gross Income
4546756
Gross Rent Multiplier
10.78
Listing Terms
Cash, Conventional
Net Operating Income
3260666
Operating Expense
1058752
Rent Includes
Maintenance Grounds, Trash Collection
Short Sale
no
Tax Annual Amount
323000
Tax Year
2023
Unit Type 1 Actual Rent
1450
Unit Type 2 Actual Rent
1850
Unit Type 3 Actual Rent
2150
Unit Type 4 Actual Rent
5208
Contact - Listing ID 22218653
Jan Delimont of RE/MAX South Coast
1750 Sherman Avenue
North Bend, OR 97459
Phone: 541-290-1850
Phone Alt: 541-297-7507
Fax: 541-808-3175
Data services provided by IDX Broker
